Insolvency (Personal)

What is personal insolvency?

If an individual runs up debts that they cannot pay then they are insolvent. The next stage after insolvency in the case of an individual is to be declared bankrupt, which can occur either voluntarily by the individual, or following a petition presented usually by a creditor.

There is sometimes scope for renegotiating the debts you owe. This usually takes the form of Individual Voluntary Arrangements (IVAs) in the case of individuals, which is where a formal repayment proposal is presented to a debtor's creditors. Debt Relief Orders are also sometimes available to individuals in financial difficulty.

What issues might arise in personal insolvency?

Issues related to personal insolvency on which you might need advice, include:

Pursuing a debt you are owed

Setting aside a statutory demand.

Presenting or resisting a bankruptcy petition.

Formulating/managing/opposing an IVA.

Appealing a bankruptcy order or applying to annul/rescind it.

Why do I need a barrister?

Insolvency and bankruptcy involve many challenging legal issues. There are special rules and procedures relating to insolvency and bankruptcy. Barristers are experts in the law, are best placed to advise on the right course of action, can assist you to steer the right course through complicated procedures and will argue your case to the highest standard in any tribunal or court.

Who is the best barrister for me?

If you need expert advice on personal insolvency, choose a barrister on myBarrister. Barristers will provide you with guidance so you that you know where you stand and can take the right decisions about what to do next. We can put you in touch with a barrister who can advise you on any proceedings that you need to take or defend.